U.S., EU Advancing Free-Trade Deal

Matthew Dalton reports on significant advancements in free-trade agreements reached between the U.S. and the European Union at the G-8 Summit. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the ... meeting ... at the G eight meeting of course I'm trying to be won ... was it was that that that the Rebbe watching ... the tolls for the trade deal between the EU in the US ... aam house that will be ... well they ... about six ... months ago or five months to navigate ... they reached an agreement to ... start the process for launching the negotiations then just on Friday the EU ... reached an agreement on to you on on an ego Sean Europe's negotiating position ... for the cream and added a great start the ... toe to toe wants them a good chance that ... negotiations but actually ... cures for the hard part comes in ... you know that the negotiations haven't even really started yet ... so you're probably looking at Tom A year after year said optimistically before these negotiations are done ... you've got ... a number of years before the provisions take effect so ... the actual impact of this new deal is in a number of years away ... but that they are considered some wheat is I'm ... talking very ... optimistically that David Cameron citing his this is one of this in the bright shining lots of hard work ... for you can for the world economy in general ... up what sticking points that might be in the way of them ... moving with a sweeping view ... well you've got agriculture ... the United States wants more on access to Europe's bond markets cheer spook markets ... Europe has a ... number of problems with this um and they Europe's rules on genetically modified organisms biotech crops are much stricter ... I've been U S rules ... that you're you're going to have on ... DVD ... Europe wants to gain access to American government procurement markets that's one of Europe's big issues ... I there are a number of regulations ... in state and local governments the US that require them to buy American made products which shuts European suppliers of those markets ... so those are two big issues that another big one ... is the financial services and Europe as a number of ... problems with ... the U S financial services regulations the people we discriminate against European banks ... on opening operations in conducting business in America and that something that Europe's very keen to address the discussions ... but avoided afford to ALM DV this would be ... a big win for the redoubt this and this is this is quite significant times in a way that ... the top structure of the rules would be ... invited to us ... it could be it's difficult it's so say what what's gonna happen how ambitious the the actual results will be ... terrorists are actually not ... going to be the main ... deal in these negotiations ... tariffs between the U S and Europe are a ... relatively low only about two percent so the benefits gained from eliminating tariffs which the negotiation with you ... are relatively small ... this is the old really about harmonizing regulations ... about ... and ending regulatory disputes that so called non tariff barriers that ... I'm restrict trade ... and there has to be seen how ambitious said the result will be ... I think you are a good time ...